Multiplier set at 1.0

Thursday

May 2, 2013 at 12:29 PMMay 2, 2013 at 12:32 PM

Livingston County has been issued a final property assessment equalization factor of 1.0000, according to Brian Hamer, director of the Illinois Department of Revenue.Livingston County Assessor Duane Kiesewetter said his office was notified Monday of the 1.0 multiplier and there would be no adjustments to assessments on the county level.“Most tax payers have already received notice if there was an increase in assessment. But the townships were using negative factors due to the downward trend of the market,” Kiesewetter said.The assessments are for 2012 taxes payable this year.He said the Livingston County Clerk’s office is now working to set the rates and will give the information to the Treasurer’s Office in preparation of tax bills.Office staff said they anticipate sending bills out around Memorial Day. The first installment will be due July 12 and the second installment Sept. 12.The property assessment equalization factor, often called the "multiplier," is the method used to achieve uniform property assessments among counties, as required by law. This equalization is particularly important because some of the state's 6,600 local taxing districts overlap into two or more counties (e.g. school districts, junior collegevdistricts, fire protection districts). If there werevno equalization among counties, substantial inequities among taxpayers with comparable properties would result.Under a law passed in 1975, property in Illinois should be assessed at one-third of its market value. Farm property is assessed differently, with farm homesites and dwellings subject to regular assessing and equalization procedures, but with farmland assessed at one-third of its agriculture economic value. Farmland is not subject to the state equalization factor.Assessments in Livingston County are at 33.28 percent of market value, based on sales of properties in 2009, 2010 and 2011.The equalization factor currently being assigned is for 2012 taxes, payable in 2013. Last year's equalization factor for the county was 1.0000.The final assessment equalization factor was issued after a public hearing on the tentative factor. The tentative factor issued in November 2012 was 1.0000. The equalization factor is determined annually for each county by comparing the price of individual properties sold over the past three years to the assessed value placed on those properties by the county supervisor of assessments/county assessor.If this three-year average level of assessment is one-third of the market value, the equalization factor will be one (1). If the average level of assessment is greater than one-third of market value, the equalization factor will be less than one (1).And if the average level of assessment is less than one-third of market value, the equalization factor will be greater than one (1).A change in the equalization factor does not mean total property tax bills will increase or decrease.Tax bills are determined by local taxing bodies when they request money each year to provide services to local citizens. If the amount requested by local taxing districts is not greater than the amount received in the previous year, then total property taxes will not increase even if assessments increase. The assessed value of an individual property determines what portion of the tax burden a specific taxpayer will assume. That individual's portion of tax responsibility is not changed by the multiplier.